CoinWire conducted a comprehensive study projecting that the global cryptocurrency trade volume will surpass $108 trillion by the end of 2024. This forecast represents a significant 90% increase compared to 2022, signaling the burgeoning interest and investment in the crypto market. The United States is anticipated to lead this surge with a projected trade volume exceeding $2 trillion.
Europe’s Dominant Role in Crypto Transactions
While the USA might be at the forefront in terms of volume, Europe commands a substantial 37.32% share of the global cryptocurrency transaction value market. The European Union has been proactive in establishing regulations that help lawmakers comprehend financial technologies and offer clear directives for investors and exchanges. The landmark Markets in Crypto-Assets (MiCA) regulation, particularly focusing on stablecoin projects, partially came into effect on June 30, with additional guidelines set to be implemented in December.
This legal framework, under development since 2020, represents the EU’s first uniform market rules for crypto assets. The study estimates Europe’s crypto trade volume will grow from $15 trillion in 2022 to $40.5 trillion by 2024. Asia follows closely with a 36.17% share in the global cryptocurrency transaction value.
Key Insights from CoinWire’s Research
CoinWire’s findings were derived from analyzing the web traffic of centralized exchanges with a high trust score on CoinGecko. The analysis considered factors such as supported languages, headquarters locations, and trading time zones. Notably, Binance emerged as the leading crypto exchange globally, dominating over 100 countries with a trading volume of $2.77 trillion. Despite a lower trade volume of $3.9 billion, Binance.US also shares this extensive global presence.
On July 5, Binance celebrated its seventh anniversary, marking a milestone of 200 million users worldwide. OKX and Cex.io follow Binance with significant presences in 93 and 92 countries, recording trading volumes of $759 billion and $1.83 billion, respectively. Coinbase and Bybit operate in 90 and 87 countries, with trading volumes of $662 billion and $1.14 trillion, respectively.
Actionable Insights for Users
To leverage the projected growth in crypto trade:
- Explore diverse crypto exchanges to optimize trading opportunities.
- Stay informed about regulatory changes, especially in Europe, for compliant trading.
- Consider the leading exchanges like Binance for broader market access.
- Monitor emerging markets in Asia and Europe for strategic investments.
In conclusion, CoinWire’s study highlights an inevitable surge in cryptocurrency trade volumes, with the USA and Europe poised as major players. The evolving regulatory landscape, especially within the EU, signifies a structured growth path for the crypto market, offering vast opportunities for investors and traders worldwide.